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Portland Real Estate Update By Rob Levy

Portland Real Estate Update Nov '16

August Residential Highlights
August brought more mixed
real estate numbers to the Portland
metro area. New listings, at 4,203,
fared 8.3% better than in August
2015 (3,880) but fell 3.9% shy of the
4,372 new listings offered last month 
in July 2016.
Closed sales, at 3,001, fell 3.1%
short of the 3,098 closings recorded
last year in August 2015 but ended
8.1% higher compared to the 2,776
closings posted last month in July
2016.
Pending sales, at 3,325, fell 0.7%
short of the 3,347 offers accepted
last year in August 2015 but pushed
0.7% over the 3,302 offers accepted
last month in July 2016.
Portland metro inventory
remained steady in August at 1.9
months, and total market time 
increased by two days to land at
34 days. There were 5,645 active
residential listings in the Portland
metro area in August.
Year to Date Summary
Activity has been mixed in 2016
compared to 2015. New listings
(30,646) are up 1.1%. Closed sales
(21,573) are down 2.1% and pending
sales (24,120) are down 2.7% for the
year thus far.
Average and Median Sale Prices
Prices continue to rise in the
Portland metro area. Comparing
2016 to 2015 through August,
the average sale price rose 11.2%
from $353,200 to $392,600. In the
same comparison, the median sale
price rose 12.5% from $305,000 to
$343,200.

October brought a bit more seasonal cooling to the Portland metro area. New listings, at 2,929 for the month, fell 4.4% short of the 3,063 new listings offered a year prior in October 2015 and were 20.3% under the 3,673 new listings offered last month in September 2016. Closed sales (2,589) similarly decreased 4.7% when compared to October 2015 (2,717) and 8.3% compared to September 2016. Pending sales, at 2,841, only fell 0.6% short of the 2,857 offers accepted last month in September 2016, but ended 5.2% under the 2,996 offers accepted last year in October 2015.

Total market time in the Portland metro area increased by six days in October to end at 41 days. In the same period, inventory stayed put at 2.0 months. There were 5,169 active residential listings in the region in October. Year to Date Summary Activity has been mixed in 2016 compared to 2015. New listings (37,412) are up 1.2%. Closed sales (27,359) are down 2.6% and pending sales (29,464) are down 3.2% for the year thus far.

Average and Median Sale Prices Prices continue to rise in the Portland metro area. Comparing 2016 to 2015 through October, the average sale price rose 11.5% from $353,400 to $393,900. In the same comparison, the median sale price rose 13.1% from $305,000 to $345,000.

Our home of the month is a complete redo on a close in SE Portland home.  This place is stunning!  3 bedrooms, 2 full baths, new floors, paint in and out, complete new kitchen with granite counters, new cabinets, backsplash, lighting.  All new bathrooms, a fully finished basement and an upper level.  Check it out at http://www.roblevy.com/property/3228-SE-24th-Ave-Portland-Oregon

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At the Rob Levy team we are proud of our new iPhone and Android APP, and we are equally proud of our Facebook business page.  As a result, we are having a contest.  If you download our iPhone or Android APP (links at the site contest link below) AND also "like" our Facebook business page, and then fill out the form at http://www.roblevy.com/iPad-Form you will be entered to win.  Be sure to see the contest rules and regs at the site, this is not open to Realtors, and only one winner will be picked.

Again its easy, see the link below for more info.

1. Download our APP

2. Like our Business Page

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Download the APP, find the Facebook page and fill out the form here.

So Many People Moving From California to Portland

Its always assumed Seattle is our big "move from" city because its regional, but with almost 40 million people just to the south of us I have always noticed it's people from teh Bay Area, Los Angeles basin, San Diego, Sacramento areas (in that order).  But why?  San Diego is such a perfect climate, industry is so huge in LA, technology in the Bay....  This article in CNN Money describes some of the reasons (including a link from earlier this year on why so many people are moving to Portland).

As a guy who sits in a car listening to my clients I can say its several reasons... High taxes (income, sales and car while we only have income), traffic, lots of traffic (I dont get home for an hour), and house prices; we have many younger folks who recently graduated college, have great careers and together with their partner STILL cant afford a house.  Add to that we have had many baby boomers whose kids moved up here, and the parents followed.

Regardless of the reason, and having been a transplant from Los Angeles 32 years ago back in another "wave", I personally wanted a better place to raise my newborn.  And lifestyle is the main reason I think we all end up here, its a great place to live, and a great place to raise a family.   Here is the article (with a link to the older Portland article).  http://money.cnn.com/2016/11/04/pf/people-moving-out-california/index.html?section=money_realestate